Khaberni - The average price of gasoline in the United States exceeded $3.75 per gallon for the first time since October 2023 on Tuesday, at a time when global fuel markets are still experiencing supply disruptions due to the war in the Middle East.
It is expected that the rise in fuel prices will affect consumer income and cause voter discontent with President Donald Trump's decision to join Israel in attacking Iran before the midterm elections in November, which will determine control of Congress. Trump was re-elected for a second term in 2024 after an election campaign focused on reducing energy costs for consumers.
The war in the Middle East has choked supplies from one of the largest oil-producing regions in the world, with Iranian attacks on navigation in the Strait of Hormuz disrupting exports from Gulf producers.
The United States has a relatively good stockpile of vehicle fuel, with inventory levels reaching about 28.5 days until the end of last week, which is the highest level at this time of the year since 2021. However, prices at fuel stations have risen amid the global market shortage. Oil prices have also surged sharply because of the war.
The cost of crude oil is the largest component in retail fuel pricing.
Direct data from the (GasBuddy) website indicates that the average retail gasoline prices across the United States have risen by about 84 cents per gallon since the United States and Israel attacked Iran at the end of February—up to $3.83 per gallon as of 4:55 PM Eastern Time.
The futures contracts for American West Texas Intermediate crude jumped from $67.02 per barrel to $96.16 during the same period.
